Sea Point luxury apartments sell out in 24 hours – but most Capetonians can’t afford to buy
Of the 94 apartments released, 89 were snapped up on the first day, with the highest-priced unit selling for just over R23.9 million.
CapeTalk's Clarence Ford interviews Jonty Cogger, an attorney at Ndifuna Ukwazi.
Listen below:
Mont Reve, a new mixed-use development in Cape Town’s Sea Point, recorded over R500 million in sales within 24 hours of its launch in March.
While the development’s rapid success highlights ongoing demand for luxury coastal property, it has also reignited criticism of Cape Town’s housing market.
Ndifuna Ukwazi has condemned the development as another example of a system that caters almost exclusively to the wealthy, while sidelining the urgent need for affordable housing.
According to Cogger, affordable housing targets households earning below R22,000 a month – a group that represents approximately 73% of Cape Town’s population.
Based on this threshold, an affordable home would need to be priced around R700,000, with monthly rentals capped at about R6,000.
In contrast, even standard studio apartments in Cape Town now cost upwards of R1 million, placing them well out of reach for the majority.
"These households cannot openly and fairly compete for homes in well-located areas."
- Jonty Cogger, Attorney – Ndifuna Ukwazi
This dynamic, Cogger argues, shows that the current property market is 'only working for certain segments of the population' and leaves the majority excluded.
He believes this imbalance is fundamentally unfair and in urgent need of reform.
Scroll up to the audio player to listen to the interview.